Wednesday, February 18, 2004

Huzzah!

99mac.se has published a newly released memo from Mr. Jobs himself today, revealing some exciting news.

Team,

Today is a historic day of sorts for our company. When I arrived back at Apple in mid-1997, the company was burdened with $1 billion of debt. Through everyone's hard work we turned Apple around, paid off the majority of our debt and began to amass a war chest of cash in the bank which has grown to about $4.8 billion! But there was still $300 million of remaining debt, which we decided to hold to maturity.

Today we used $300 million of our cash to pay off this remaining debt.

Apple is now a debt-free company – for the first time in over a decade!

It sure feels good.

Steve

Yes, Apple is now debt-free! Whoo! And the company's war chest of "rainy day" cash is nearing five billion dollars!